Well those RIMM $80 puts are looking good aren’t they?
If you have those you don’t really care how the rest of the day went but we’ll talk about it anyway.
The market is very, very strong and impressive. High oil, high commodities, high interest – not a problem! It did move in tandem with the oil sector today but the oil sector recovered at lunch (much to my surprise).
None of the indices are in any danger and that was a nothing pullback after 3 very good sessions. As expected though, it was up to Apple to boost the Nasdaq which kept hope alive today. It does still seem to have some gas in the tank for tomorrow. Where were all these analysts with positive things to say when the stock was at $57? Does it really help you now if they set a $80 target?
Gold actually held $600 but you couldn’t tell from the way gold stocks were acting! NEM actually went negative mid day… PD is tired as copper was up another $4 but the stock dropped $1.
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We’ll see on the conference call how RIMM’s CEO explains why they should trade at double the P/E of PALM. Let’s think about this one in the morning as there will be a lot of emergency pumping of this thing all night and into the open.
The DIA’s worked great if you day traded them. The May $111 puts finished at $1.10 (up 10%) but were way up at $1.25 as the market bottomed.
The SPY May $130 puts finished at $1.35, pretty much flat from the open. I have little faith in these after such a good day today but I don’t mind holding them over the weekend unless things turn up tomorrow.
It took a lot of patience to get the NEM $55s for .80 but even if you didn’t it’s still at $1.10 (up 35%) but was at $1.25 in the afternoon. I held mine just in case gold moves up tomorrow. I also decided the ABX $30s are too cheap at .60 and are a big buy if gold holds $600 in the overnights.
No more GM options! Even though the stock went down all day the $20 puts barely budged off $1.05.
TGT gapped up too much to play and a good thing as it drifted down all day from the open.
MMM also gapped up and the $80 calls went from $1.10 to $2.15 (up 95%) but I didn’t chase it.
EBAY $40s recovered to .95 but I got stopped out mid day.
Another day another 2% for N, now at $53.16. That should be about it.
ADSK ran right into the 5% rule today leaving the May $40s at $2.70, a clean triple in 2 days!
The old 5% trailing stop took me out of BSM at $6.80 – this is why I don’t like small stocks!
http://finance.yahoo.com/q/bc?s=BSM&t=1d&l=on&z=m&q=l&c=
The YHOO $32.50s are not for the feint of heart but they moved to $1.40 (up 35%).
http://finance.yahoo.com/q/bc?s=YHOO&t=1d
